The U.S. Government Accountability Office, or the GAO, are now seeing the value behind the blockchain, as they now see them as a factor for improving financial and non-financial applications. Thus, they have followed the US Congress’s quest by arranging four policy options. These policies are all about improving blockchain technology implementations and benefits as well as minimizing burdens! The GAO has stated, and we quote, “A blockchain might both increase the speed of a title registry system and lower the cost of title insurance by making title registration simpler and more trustworthy.”

There are some challenges of course!

In a study that the GAO has made, certain challenges revolving around legal compliance, benefits and data reliability has been visible. Hence, they are looking for ways to assist policymakers, such as local and state governments, federal agencies, academic and research institutions, and the industries as a whole, lay out the necessities for blockchain technology and how they can be determined.

This is what they tweeted on their Twitter account, and we quote, “Curious about blockchain and how it’s used? In our latest blog post, we dive into blockchain’s many uses and how to address emerging policy challenges.” Interesting, huh?

So, what are these four policy options?

The GAO laid out four policy options for these policymakers to follow. They are standards, oversight, educational materials and appropriate uses. First, and with standards being set, interoperability and data security challenges can be tackled! With oversight policies, they can “help address challenges with legal and regulatory uncertainty and regulatory arbitrage.” Moreover, educational materials play an important role through providing knowledge as well as vague costs and benefits. Finally, the GAO laid out the appropriate uses policy. This tackles ways to reduce financial system risks, along with vague costs and benefits.